with Ed Downs
Dow 15 Minute Chart
Dow 60 Minute Chart
Pop and Drop
Dow rallies at Open, but gives back gains. Now sitting on major resistance.
From prior commentary, "...The fact that the index consolidating at the highs and was also able to hang on to yesterday's big gains is indicative of an upside break in the near term. An upside break through the top of the consolidation will likely spark a solid move higher above resistance..."
The Dow got the upside break from the consolidation right at the Open and rallied solidly higher during the first hour of trading, racking up 175 points. However, the index then reversed and proceeded to trend lower the remainder of the session, giving back all but 21 points of the early-morning gains.
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